Dar es Salaam. AON Tanzania, one of the largest insurance brokerage firm in has been renamed JH Minet Tanzania, following the acquisition of its shareholding by Minet Holding Africa.
The new company will now be part of Minet Holdings Africa, an African insurance brokerage company which was formed by Capitalworks to operate as parent company for all operations acquired from AON across Africa.
Capitalworks is a leading independent alternative assets manager concentrating on sub-Saharan Africa.
In February last year, AON announced its decision to change the ownership structure of its operations across Africa, as at November last year, its shareholding in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia transferred to Capitalworks.
“AON’s local shareholding was transferred to Capitalworks and our local partners, Shashikant & Rajendra Dave as of April 2018,” said Mr Joe Onsando, Minet Holding Africa CEO. He said Tanzania marked the beginning of the second phase of acquisition of AON subsidiaries in Sub Saharan Africa.
He said the company product and services offering will remain unchanged and will continue to include risks management solution for a wide range of industries including agriculture, mining, retail and telecoms.
Mr Raju Dave, the local shareholder and chief executive officer of JH Minet Tanzania has assured the company commitment to continue offering the same exceptional services.
“Combining our product and services offering with innovative technologies will enable us to reduce costs of servicing our customers, tailor make product that address market specific requirements and streamline internal processes,” he said.
The Minet Group Chairman and Principal at Capitalworks Mr Garth Willis said the company has concluded acquisition in seven countries including Tanzania.
“Tanzania is steadily growing market with an estimated economic growth of 7.2 per cent this year, which is driven by mining, transport and communication,” he said.